Terms of Use and Important Legal Information

PLEASE READ THESE TERMS OF USE CAREFULLY BEFORE USING OR ACCESSING ANY PAGES OR CONTENT OF THIS WEBSITE.

Use of Content

The pages, supporting text, data and other information contained in this electronic publication (collectively called the “DTCC Website”) contain a variety of information concerning The Depository Trust & Clearing Corporation and its affiliates (collectively, “DTCC”) and their products and services. Content on the DTCC Website, including text, graphical and other images and data displayed on the DTCC Website (“Content”), is the property of DTCC or is used with permission of the owner thereof. This Content is for personal use only, and except as otherwise expressly provided in the limited license for certain data set forth below or with the written permission of DTCC, you may not publish, republish, redistribute, broadcast or retransmit the Content, frame any part of the Content, compile the Content into a database or information service, create any derivative of the Content for commercial distribution, use the Content to compete with the business of DTCC, or use any data included in the Content in the calculation of an index or as the basis of any financial instrument or investment product that is based on or seeks to match the performance of the values included in the data, and you may not authorize any other person to engage in any of these activities with respect to the Content. You may not use any automated device, computer program, tool, algorithm, bot or similar process to mine or systematically scrape or extract data from the DTCC Website. Any unauthorized use of Content may violate copyright laws, trademark laws, contract law, the laws of privacy and publicity, and/or communications regulations and statutes. DTCC may discontinue or change any product, service, data, information or Content described in or offered on the DTCC Website at any time. Without prejudice to these prohibitions and limitations, a non-exclusive, non-transferable, revocable license to access and use a derivatives data public report (the “DTCC Public Report”) or any Content thereof, is hereby granted to the extent used in accordance with these Terms of Use and Important Legal Information and with attribution of the information to DTCC.

None of the Content on the DTCC Website shall be considered an offer or recommendation to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular trading strategy. With respect to any DTCC Public Report, there is an explanation of the DTCC Public Report provided on the Related Information section of the Website. The DTCC Public Report does not contain important economic information that may relate to other derivatives activity, such as information on associated positions, on other derivatives activity (including further derivatives positions), and other counterparty or credit risk related positions, including associated collateral positions. As a result, it is not necessarily possible to determine accurate credit and counterparty risk exposure information. Certain of the information, materials or documents may be considered “non-traded” in nature, such as data related to industry compression or tear-up activity, or data on the clearing of existing transactions. In addition, Content included in the DTCC Public Report may be recorded in short form, where not supplied to DTCC as fully matched confirmation records. These short form records may omit necessary data items to identify them as relevant to a specific enquiry. Not all records have been submitted to DTCC as of their trade date, as certain transactions have been loaded in batches.

Further, none of the Content is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. Limited License for DTCC GCF Repo Index® The Content of the DTCC Website includes DTCC GCF Repo Index data based on: (i) U.S. Treasury Securities, (ii) securities issued by U.S. federal government agencies, and (iii) mortgage-backed securities (each, an “Index,” together the “Indexes”). Should you choose to download or access the Indexes from this website, you must do so in accordance with the limited license granted below unless you have entered into a separate written agreement with DTCC in which case the terms of such written agreement shall control with respect to use of the Indexes within the scope of such agreement while such agreement remains in effect. DTCC may alter the components and methods of calculation of the Indexes, or the availability of the Indexes at any time without notice.

Subject to the terms and conditions in these Terms of Use, DTCC Solutions LLC (“DTCC Solutions”) hereby grants you a limited, non-exclusive, revocable, license to use the value of the Indexes as published by DTCC for commercial financial instruments or investment products (collectively “Products”), provided that you may not use the Indexes as the basis for any Product (or any related commercial use) if: (1) the Product is traded on an entity that is subject to registration and regulation as an exchange under the laws, rules or regulations of any jurisdiction; or (2) the Product is a “future” or “commodity option contract.” The term “future” means any instrument (i) the trading of which as of December 13, 2011, is within the exclusive jurisdiction of the U.S. Commodity Futures Trading Commission (CFTC) and (ii) which is regulated by the CFTC as a futures contract (assuming for purposes of both clauses of this definition that such instrument is traded in the United States regardless of where it is actually traded), and the term “commodity option contract” means an option to purchase or sell one or more “futures” as defined herein. The term “Products based on an Index” is used in these Terms of Use to refer to any Products whose value is determined, in whole or in part, with reference to any Index.

You may not edit, modify, adapt or reverse engineer any Index, and you may not use any Index as input data in the creation or calculation of any index, value or other work. You may archive values of an Index for your internal use in support of your Products based on an Index. You shall not use the Indexes for any illegal purpose or in violation of these Terms of Use or the limited license granted in this Section. In the event you breach these Terms of Use, your limited license to use the Indexes under this Section shall automatically terminate and may not be renewed or reinstated except pursuant to a written authorization signed by DTCC Solutions.

You acknowledge and agree that the following exclusions and those in the Limitation of Liability Section below apply to the Indexes and all Products based on an Index. DTCC DOES NOT REPRESENT OR WARRANT THAT ANY INDEX ACCURATELY REFLECTS PAST, PRESENT, OR FUTURE MARKET PERFORMANCE OR WILL MEET YOUR REQUIREMENTS. DTCC DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF ANY INDEX OR ANY DATA INCLUDED THEREIN OR ANY COMMUNICATIONS WITH RESPECT THERETO. DTCC, INCLUDING DTCC SOLUTIONS, SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITES WHATSOVER WITH RESPECT TO PRODUCTS BASED ON AN INDEX OR FOR ANY ERRORS, OMISSIONS OR DELAYS IN ANY INDEX OR ANY DATA INCLUDED THEREIN OR FROM RELIANCE THEREON. DTCC’s sole and exclusive liability for any error in an Index, and your sole and exclusive remedy therefor, will be for DTCC to use commercially reasonable efforts to correct such error on a going-forward basis as soon as reasonably practicable. You will be responsible for all third party claims relating to your positions and/or transactions in respect of Products based on an Index and agree to indemnify DTCC from such claims as provided in the Indemnification Section below.

Products based on an Index are not sponsored, endorsed, sold or promoted by DTCC and you shall not represent or imply otherwise. DTCC makes no representation or warranty, express or implied, to any person with a financial interest in any Product based on an Index, regarding the advisability of such Product or the ability of any Index to track the performance of any aspect of the market. DTCC has no obligation to take the needs of any party to a Product into consideration in determining values of any Index. DTCC is not responsible for and has not participated in any determination of the prices of any Product based on an Index, the amount of any such Product that is sold (or bought) by any person, the time of the purchase and sale of any such Product or any equation by which any such Product is to be converted into or redeemed for cash. DTCC shall have no obligation or liability in connection with the administration or marketing of any such Product.

You shall include the following language in any contract or similar document to purchase or sell a Product based on an Index: “The [Product] is not sponsored, endorsed, sold or promoted by DTCC or its affiliates and they shall not be subject to any damages or liability for such product or for any errors, omissions or delays in any DTCC GCF Repo Index data used for such product. By using or relying on DTCC GCF Repo Index data you are agreeing to the Terms of Use found at the DTCC Website (www.dtcc.com).”

You acknowledge and agree that the DTCC GCF Repo Index data has been developed, compiled, prepared, coordinated, selected and arranged by DTCC and that such efforts involve the expenditure of substantial time, effort, judgment and money, and thus that the Indexes constitute valuable intellectual property of DTCC. You acknowledge and agree that as between DTCC Solutions and you, DTCC Solutions is the rightful licensor of the Indexes. DTCC shall not be deemed to have waived any of its proprietary interests in an Index as a result of the granting of the limited license in these Terms of Use. No implied licenses are intended hereunder and none shall be inferred.

Limitation of Liability

The entire risk as to the accuracy, completeness and use of the Content of the DTCC Website is with you, as is the risk of viruses and other contamination. YOU HAVE THE SOLE RESPONSIBILITY FOR ADEQUATE PROTECTION AND BACKUP OF DATA AND/OR EQUIPMENT USED IN CONNECTION WITH THE DTCC WEBSITE.

THE DTCC WEBSITE AND ITS CONTENT, INCLUDING ANY INDEX AND RELATED DATA, ARE PROVIDED "AS IS" AND “AS AVAILABLE” WITH ALL FAULTS, ERRORS, DEFECTS, INACCURACIES AND OMISSIONS. DTCC DOES NOT MAKE, AND SPECIFICALLY DISCLAIMS, ALL WARRANTIES, WHETHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO ANY WARRANTY OF NON-INFRINGEMENT, FITNESS FOR A PARTICULAR PURPOSE OR MERCHANTABILITY WITH RESPECT TO ALL ASPECTS OF THE DTCC WEBSITE. DTCC DOES NOT IN ANY WAY GUARANTEE, AND SHALL NOT BE LIABLE FOR, THE ADEQUACY, QUALITY, ACCURACY, COMPLETENESS, WORTH, OR TIMELINESS OF CONTENT THAT IS MADE AVAILABLE OR OBTAINED BY WAY OF THE DTCC WEBSITE, INCLUDING THE INDEXES. DTCC DOES NOT WARRANT THAT THE DTCC WEBSITE OR ITS CONTENT, INCLUDING ANY INDEX, WILL BE ERROR-FREE OR THAT DEFECTS WILL BE CORRECTED. SOME JURISIDICTIONS DO NOT ALLOW THE EXCLUSION OF IMPLIED WARRANTIES, SO THE ABOVE EXCLUSION MAY NOT APPLY TO YOU. WITHOUT LIMITING ANY OF THE FOREGOING, TO THE MAXIMUM EXTENT PERMITTED BY LAW, UNDER NO CIRCUMSTANCES, INCLUDING NEGLIGENCE, SHALL DTCC, OR ITS DIRECTORS, OFFICERS, MANAGERS, AGENTS OR CONSULTANTS, BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, ARISING OUT OF, CONNECTED WITH, OR RESULTING FROM, THESE TERMS OF USE OR THE PERFORMANCE OR BREACH THEREOF, FROM THE DTCC WEBSITE OR ANY CONTENT OR INDEX OR THE USE THEREOF, OR FROM ANY PRODUCT OR THE USE OR PERFORMANCE THEREOF, EVEN IF THEY MIGHT HAVE ANTICIPATED OR HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. SOME JURISIDICTIONS DO NOT ALLOW THE LIMITATION OR EXCLUSION OF LIABILITY FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES, SO THE ABOVE LIMITATION MAY NOT APPLY TO YOU.

Indemnity

To the maximum extent permitted by law, you agree to indemnify DTCC, including without limitation The Depository Trust Company (DTC), the National Securities Clearing Corporation (NSCC), the Fixed Income Clearing Corporation (FICC), DTCC Loan/SERV LLC, DTCC Deriv/SERV LLC, DTCC Solutions LLC, each of the DTCC companies acting as a trade repository in any jurisdiction and each of their directors, managers, employees, agents and consultants (the “Indemnified Parties”) in respect of, and hold each of them harmless from and against, any and all losses, liabilities, damages, fines, penalties, deficiencies, costs or expenses, including the reasonable fees and expenses of attorneys or other experts and professional advisers suffered, incurred or sustained by any of them, or to which any of them becomes subject, as a result of, any third party claim arising from or related to (a) your use, including commercial use, of Content (including without limitation Index values and related data), (b) your positions and/or transactions in respect of any Products based on an Index, or (c) your violation of these Terms of Use.

In providing the indemnity hereunder, you shall not (i) take any action that purports to speak on behalf of DTCC, including without limitation submitting an answer, asserting a defense or any kind or interposing a third party claim; or (ii) consent to entry of any judgment or enter into any settlement which (A) does not include, as an unconditional term, the grant by the claimant to the Indemnified Parties of a release of all liabilities in respect of all claims made in the suit or proceeding, (B) imposes un-reimbursed monetary or continuing non-monetary obligations on any Indemnified Party, or (C) otherwise adversely affects the rights of any Indemnified Party.

Trademarks

All names of DTCC and their products and services referenced on the DTCC Website are either registered trademarks or servicemarks of, or trademarks or servicemarks of, DTCC in the U.S. or elsewhere. Other names of companies, products or services appearing in this publication are trademarks or servicemarks of their owners. Nothing in these Terms of Use grants you any right to use the trademarks, names or logos of DTCC. You may not represent, directly or indirectly, that any product, data or any service provided by you has been approved or endorsed by DTCC.

Linked Sites

The DTCC Website contains hyperlinks to third party websites which are the sole responsibility of such independent third parties, and use thereof is solely at your own risk. DTCC has no control over such third party websites, and DTCC is not responsible for (and under no circumstances shall be liable for) the contents, policies, accuracy or reliability of any websites hyperlinked to the DTCC Website.

Claims, Jurisdiction and Choice Of Law

Information published on the DTCC Website may contain references to products, programs and services that are not announced or available in your country or region. DTCC makes no representation that such information, products, programs or services referenced on this website are legal, available or appropriate in your country or region.

These Terms of Use shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to any principles of conflicts of law. DTCC and you each agree to bring any action relating in any way to these Terms of Use, the DTCC Website, or any Content distributed by or through the DTCC Website, including the Indexes, in the courts located in New York, New York, except that you may assert claims in any applicable small claims court if your claims qualify. DTCC and you each waive any right to a jury trial. Any claim under these Terms of Use must be brought within one (1) year after the cause of action arises, or such claim or cause of action is barred.

Severability

If any provision of these Terms of Use shall be deemed unlawful, void, or for any reason unenforceable, then that provision shall be deemed severable from the remaining Terms of Use and shall not affect the validity and enforceability of any remaining provisions.

Privacy

Please see our Privacy Policy for information regarding the collection and use of personal information from the DTCC Website.

General

Specific Content, areas or pages of the DTCC Website may include or reference additional or different terms relating to the use of the DTCC Website or the rights or obligations of you or DTCC (“Specific Terms”). By accessing such Content, areas or pages, you agree to be bound by those Specific Terms. In the event of a conflict between such Specific Terms and these Terms of Use, such Specific Terms shall control for the applicable Content, areas or pages.

Except as otherwise set forth in a separate written agreement signed by an authorized representative of DTCC, these Terms of Use, including any Specific Terms, represent the entire understanding relating to the use of the DTCC Website and its Content (including Indexes) and prevail over any prior or contemporaneous, conflicting or additional communications. The failure of DTCC to exercise or enforce any right conferred upon it by these Terms of Use or any Specific Terms shall not be deemed to be a waiver of any such right or operate so as to bar the exercise or enforcement thereof at any time or times thereafter. No course of conduct between DTCC and you or any other party will be deemed to modify any provision of these Terms of Use.

Any unauthorized access, modification or change of any information, or any interference with the availability of or access to this website is strictly prohibited. DTCC reserves all legal rights and remedies available and these Terms of Use shall in no way be deemed a limitation or waiver of any other rights DTCC may have.

Omgeo APAC: “DTCC” is the brand name under which certain affiliates of The Depository Trust & Clearing Corporation provide services in particular geographic areas, including Omgeo Limited, a limited liability company incorporated in Hong Kong; Omgeo Pte Ltd, a private limited company incorporated in Singapore; Omgeo Pty Ltd, a proprietary limited company incorporated in Australia; and Omgeo K.K., a kabushiki kaisha company incorporated in Japan (collectively, the “Omgeo Entities”). Each of the Omgeo Entities are legally separate and independent entities, and each are subject to the laws and regulations of the particular country or countries in which they operate. The Omgeo Entities are the relevant affiliates which are offering the services described above; The Depository Trust & Clearing Corporation does not provide such services to clients.

Omgeo Canada: “DTCC” is the brand name under which certain affiliates of The Depository Trust & Clearing Corporation provide services in particular geographic areas, including Omgeo Canada Ltd./Omgeo Canada Ltée. and Omgeo Canada Matching Ltd./Services D'Appariement Omgeo Canada Ltee. each being a private limited liability company incorporated in the province of Ontario, Canada (collectively, the “Omgeo Entities”). Each of the Omgeo Entities are legally separate and independent entities. The Omgeo Entities are the relevant affiliates that are offering the services described above; The Depository Trust & Clearing Corporation does not provide such services to clients.

Omgeo EMEA: “DTCC” is the brand name under which certain affiliates of The Depository Trust & Clearing Corporation provide services in particular geographic areas, including Omgeo Limited, a private limited company incorporated in England and Wales (company number 4007732), whose registered office is at Broadgate Quarter, One Snowden Street, London EC2A 2DQ. Omgeo Limited is authorised and regulated by the Financial Conduct Authority and is the relevant affiliate that is offering the services described above. The Depository Trust & Clearing Corporation does not provide such services to clients. Omgeo Limited is legally separate and independent from The Depository Trust & Clearing Corporation and is subject to the laws and regulations of the particular country or countries in which it operates.

Omgeo US & South America: “DTCC” is the brand name under which certain affiliates of The Depository Trust & Clearing Corporation provide services in particular geographic areas, including Omgeo LLC, a Delaware limited liability company (“Omgeo”). Omgeo is a legally separate and independent entity, and is subject to the laws and regulations of the particular country or countries in which it operates. Omgeo is the relevant affiliate that is offering the services described above; The Depository Trust & Clearing Corporation does not provide such services to clients.

Several Omgeo LLC services are subject to regulation by the U.S. Securities and Exchange Commission (“SEC”) and are offerings of Omgeo Matching Services – US, LLC (“Omgeo Matching Services”), a clearing agency which has received an exemption from registration as a clearing agency and the rule making process: Omgeo TradeSuite ID and Omgeo TradeMatch, U.S.-based electronic trade confirmation and central matching services and Omgeo Central Trade Manager, a central matching service. These services are subject to SEC regulation when the service is used for trades in which either the broker-dealer or its institutional customer is a U.S. entity and the securities in the trade are issued by a U.S. issuer. No other services offered by Omgeo LLC are regulated. The SEC regulation of Omgeo Matching Services is set out in SEC Release No. 34-44188; File No. 600-32; 66 FR 20494 (April 17, 2001).